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What you’ll read?

• Southwest Airlines Settles with Elliott Investment, Overhauls Board

• TKO Expands Sports Holdings with $3.25B Acquisition.

• Today in AI & Tech

• The Last Kmart: A Nostalgic Remnant in Suburban Miami

  and more…

BUSINESS

Southwest Airlines Settles with Elliott Investment, Overhauls Board

Southwest Airlines has reached a settlement with activist investor Elliott Investment Management, agreeing to revamp its board. Chairman Gary Kelly and six members will depart on November 1, replaced by five Elliott-backed candidates and a former Chevron executive. Despite achieving many demands, Elliott settled for less than majority control and did not oust CEO Robert Jordan, whose job remains secure, though he faces pressure to enhance the airline's financial performance after a significant drop in third-quarter profits.

Tesla Reports Strong Q3 Growth Amid EV Sales Surge

Tesla’s net income increased 17.3% in Q3, driven by stronger electric vehicle sales, with a profit of $2.17 billion. CEO Elon Musk forecasts a 20%-30% growth in sales for next year, despite challenges in the auto market. Tesla aims for slight growth in vehicle deliveries, and plans to produce new affordable models using parts from existing lines by mid-2025. The company achieved a gross profit margin of 19.8%, the highest in a year..

Nevada Jury Orders $5.2 Billion Award in Real Water Liver Damage Case.

A Nevada jury awarded $5.2 billion in damages against AffinityLifestyles.com, the maker of Real Water, after finding it responsible for causing liver damage before the product’s 2021 recall. The verdict includes $230 million in compensatory and $5 billion in punitive damages for affected customers. Previous judgments against Real Water, linked to hydrazine contamination, totaled nearly $3.5 billion.

TKO Expands Sports Holdings with $3.25B Acquisition.

TKO Group, owner of WWE and UFC, is expanding its sports portfolio with a $3.25 billion acquisition of Professional Bull Riders, On Location, and IMG from Endeavor Group. This all-stock deal will raise Endeavor’s ownership in TKO to 59%. The acquisition diversifies TKO’s focus, adding PBR’s league events, On Location’s luxury hospitality for major sports events, and IMG’s media rights consultancy. TKO also announced a $300 million annual dividend and approved a $2 billion share buyback program.

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TECH

Today in AI & Tech

Apple Returns to China’s Top 5 Smartphone Vendors as Huawei Surges.

Apple re-entered the top five smartphone vendors in China in Q3, driven by the iPhone 16 launch, but its growth lagged behind Huawei, whose shipments rose 42% year-over-year. Apple held a 15.6% market share, trailing leader Vivo. Huawei, benefiting from the Mate 60’s success, captured 15.3% of the market, intensifying competition in China, one of Apple’s key markets.

AR Glasses Race Heats Up: Meta, Snap, and Apple Compete for the Future of Computing.

Meta’s CEO Mark Zuckerberg and Snap’s CEO Evan Spiegel introduced new augmented reality (AR) prototypes in 2023, positioning AR as the future of computing beyond smartphones. With Meta’s Orion and Snap’s Spectacles, both companies aim to develop immersive experiences, though mainstream availability remains years away due to high production costs.

Other

Scout Motors Unveils EVs and Hybrid Models, Plans Major U.S. Market Push.

Volkswagen-backed Scout Motors introduced its first electric vehicles and plans to expand its lineup to include extended-range electric vehicles (EREVs) due to slower-than-expected EV adoption. EREVs, a type of plug-in hybrid, use an internal combustion engine to recharge the battery when needed. Scout aims to profit operationally within a year of production at its new $2 billion South Carolina plant, with plans to release a full-size pickup truck and large SUV covering 40% of the profitable U.S. sales market.

The Last Kmart: A Nostalgic Remnant in Suburban Miami.

The last Kmart on the U.S. mainland, located in a suburban Miami shopping center, stands mostly overlooked amid bustling chain stores. While once a retail giant, Kmart now draws only a handful of curious customers, like Juan de la Madriz, who nostalgically visited to buy a gift for his grandson. The store has maintained an organized appearance, contrasting its historical reputation for clutter, yet faces an uncertain future as it remains the final full-size Kmart in the continental U.S.

Burger King, Yum Brands Remove Onions Amid E. Coli Outbreak Linked to McDonald's.

Burger King and Yum Brands (owner of Taco Bell, KFC, and Pizza Hut) have removed onions from select U.S. locations after an E. coli outbreak associated with McDonald's onions from a Taylor Farms supplier. Both companies cited precautionary steps as health authorities continue investigating the source, which has caused one death and 49 cases across ten states.

It's a Wrap!

Thank you for joining us in this journey through the latest updates and insights. Your engagement and support mean the world to us. We hope you found this newsletter both informative and inspiring. Stay tuned for more exciting news and stories in our next edition.

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Warm regards,
Sarah